SINGAPORE Oct 10 Frasers Centrepoint Ltd
said it signed a conditional agreement to invest S$520
million ($379 million) in Thailand's TICON Industrial Connection
Public, in what could be the Singapore real estate
firm's largest acquisition in over a year.
The deal will help Frasers Centrepoint extend its presence
beyond the residential and commercial properties into Thailand's
industrial asset class and also grow its overseas income,
Frasers said in a statement on Monday.
TICON develops and owns factories and warehouses in
Frasers, backed by Thai tycoon Charoen Sirivadhanabhakdi,
plans to subscribe for up to 735 million new TICON shares in a
private placement at 18 Thai baht per share for a total
consideration of 13.23 billion Thai baht (S$520 million).
Following the deal completion, a Frasers Centrepoint
subsidiary will own about 40 percent in TICON.
The potential investment, if completed, would mark Frasers'
largest in over a year since its 363.4 million pound
acquisition of the Malmaison Hotel du Vin group of boutique
hotels in June 2015. (reut.rs/2dCMsZD)
($1 = 1.3735 Singapore dollars)
(1 Singapore dollar = 25.3950 baht)
(Reporting By Aradhana Aravindan; Editing by Vyas Mohan)